Daily iron ore price update (round numbers)

Tuesday, 9 December 2014

Here are the iron ore charts for December 8, 2014:

It’s a very messy day. Paper made little sense with Dalian firm but Singapore smashed. Physical broke with tradition and followed Singapore plus more. Benchmark fell 1.7% to 69.70. Rebar average slowed but is only 3 points above new lows.

The case that these round numbers ($90, $80, $70) are proving to be pivot points for steel mill buying is getting stronger. Each time we’ve reached one, mills have bought and sold around it, until another attack drags the the price $10 lower.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.